<SEC-DOCUMENT>0000921895-25-002683.txt : 20251002
<SEC-HEADER>0000921895-25-002683.hdr.sgml : 20251002
<ACCEPTANCE-DATETIME>20251002200126
ACCESSION NUMBER:		0000921895-25-002683
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251002
DATE AS OF CHANGE:		20251002

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FRIEDBERG DANIEL M.
		CENTRAL INDEX KEY:			0001448795
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40916
		FILM NUMBER:		251371731

	MAIL ADDRESS:	
		STREET 1:		C/O SAGARD CAPITAL
		STREET 2:		325 GREENWICH AVENUE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

	FORMER NAME:	
		FORMER CONFORMED NAME:	FRIEDBERG DANIEL
		DATE OF NAME CHANGE:	20150622

	FORMER NAME:	
		FORMER CONFORMED NAME:	Friedberg Dan
		DATE OF NAME CHANGE:	20081027

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			325 CAPITAL LLC
		CENTRAL INDEX KEY:			0001873893
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40916
		FILM NUMBER:		251371728

	BUSINESS ADDRESS:	
		STREET 1:		757 THIRD AVENUE
		STREET 2:		20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-376-5325

	MAIL ADDRESS:	
		STREET 1:		757 THIRD AVENUE
		STREET 2:		20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			325 Capital Master Fund LP
		CENTRAL INDEX KEY:			0001972759
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40916
		FILM NUMBER:		251371730

	BUSINESS ADDRESS:	
		STREET 1:		190 ELGIN AVENUE
		STREET 2:		GEORGE TOWN
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9008
		BUSINESS PHONE:		212-376-5325

	MAIL ADDRESS:	
		STREET 1:		190 ELGIN AVENUE
		STREET 2:		GEORGE TOWN
		CITY:			GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9008

	FORMER NAME:	
		FORMER CONFORMED NAME:	325 Master Fund LP
		DATE OF NAME CHANGE:	20230406

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			325 Capital GP, LLC
		CENTRAL INDEX KEY:			0001972758
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40916
		FILM NUMBER:		251371729

	BUSINESS ADDRESS:	
		STREET 1:		757 THIRD AVENUE
		STREET 2:		20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-376-5325

	MAIL ADDRESS:	
		STREET 1:		757 THIRD AVENUE
		STREET 2:		20TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MultiSensor AI Holdings, Inc.
		CENTRAL INDEX KEY:			0001863990
		STANDARD INDUSTRIAL CLASSIFICATION:	OPTICAL INSTRUMENTS & LENSES [3827]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				863962954
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2105 WEST CARDINAL DRIVE
		CITY:			BEAUMONT
		STATE:			TX
		ZIP:			77705
		BUSINESS PHONE:		(866) 861-0788

	MAIL ADDRESS:	
		STREET 1:		2105 WEST CARDINAL DRIVE
		CITY:			BEAUMONT
		STATE:			TX
		ZIP:			77705

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Infrared Cameras Holdings, Inc.
		DATE OF NAME CHANGE:	20231219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sportsmap Tech Acquisition Corp.
		DATE OF NAME CHANGE:	20210524
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form413281004_10022025.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-09-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001863990</issuerCik>
        <issuerName>MultiSensor AI Holdings, Inc.</issuerName>
        <issuerTradingSymbol>MSAI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001448795</rptOwnerCik>
            <rptOwnerName>FRIEDBERG DANIEL M.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>757 THIRD AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>20TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Footnotes</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001972759</rptOwnerCik>
            <rptOwnerName>325 Capital Master Fund LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>190 ELGIN AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>GEORGE TOWN</rptOwnerStreet2>
            <rptOwnerCity>GRAND CAYMAN</rptOwnerCity>
            <rptOwnerState>E9</rptOwnerState>
            <rptOwnerZipCode>KY1-9008</rptOwnerZipCode>
            <rptOwnerStateDescription>CAYMAN ISLANDS</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Footnotes</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001972758</rptOwnerCik>
            <rptOwnerName>325 Capital GP, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>757 THIRD AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>20TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Footnotes</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001873893</rptOwnerCik>
            <rptOwnerName>325 CAPITAL LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>757 THIRD AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>20TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>See Footnotes</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock, $0.0001 par value per share</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2025-09-30</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>31008</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>101207</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common stock, $0.0001 par value per share</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1481868</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: 325 Capital Master Fund LP</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common stock, $0.0001 par value per share</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7893132</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: 325 Capital LLC</value>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">This Form 4 is being filed jointly by 325 Capital Master Fund LP, a Cayman Islands exempted limited partnership (&quot;325 Master Fund&quot;), 325 Capital GP, LLC, a Delaware limited liability company registered as a foreign partnership in the Cayman Islands (&quot;325 Capital GP&quot;), 325 Capital LLC, a Delaware limited liability company (&quot;325&quot;), Michael Braner, a United States citizen, Daniel Friedberg, a United States citizen, and Anil Shrivastava, a United States citizen (collectively, the &quot;Reporting Persons&quot;). Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.</footnote>
        <footnote id="F2">On September 30, 2025, Mr. Friedberg was granted 31,008 shares of fully vested restricted stock units in his capacity as a director of the Issuer, each representing the right to receive one share of the Issuer's common stock pursuant to the Issuer's 2023 Incentive Award Plan.</footnote>
        <footnote id="F3">Mr. Friedberg serves as a director designee of 325 on the Board of Directors of the Issuer. In connection with this arrangement, any equity-based securities awarded to Mr. Friedberg in his capacity as a director of the Issuer will be held by Mr. Friedberg on behalf of 325 or its affiliates, transferred by Mr. Friedberg to 325 or its affiliates, and/or sold by Mr. Friedberg, with the proceeds of such sale to be remitted to 325 or its affiliates, in each case as directed by 325. Accordingly, Mr. Friedberg does not have a direct pecuniary interest in these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), however, 325 and Messrs. Braner, Friedberg and Shrivastava may be deemed to have a pecuninary interest in these securities for purposes of Section 16 of the Exchange Act pursuant to the foregoing sentence.</footnote>
        <footnote id="F4">Securities owned directly by 325 Master Fund. 325 Capital GP is the general partner of 325 Master Fund, 325 is the investment manager to 325 Master Fund, and each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, all of the Reporting Persons may be deemed to beneficially own the securities owned directly by 325 Master Fund.</footnote>
        <footnote id="F5">Securities owned directly by certain separately managed accounts (&quot;SMAs&quot;) that are deemed beneficially owned by 325 as a result of 325 serving as the investment manager to such SMAs. Each of Messrs. Braner, Friedberg and Shrivastava are Managing Members of 325. As a result of these relationships, they may be deemed to beneficially own the securities beneficially owned by 325.</footnote>
    </footnotes>

    <remarks>Mr. Friedberg, a managing member of 325, is a director of the Issuer. For purposes of Section 16 of the Exchange Act, each of the Reporting Persons (other than Mr. Friedberg) may be deemed a director by deputization by virtue of its or his representation on the Board of Directors of the Issuer.</remarks>

    <ownerSignature>
        <signatureName>/s/ Daniel M. Friedberg</signatureName>
        <signatureDate>2025-10-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>325 Master Fund LP, By /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member</signatureName>
        <signatureDate>2025-10-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>325 Capital GP, LLC, By /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member</signatureName>
        <signatureDate>2025-10-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>325 Capital LLC, By: /s/ Michael D. Braner, Name: Michael D. Braner, Title: Managing Member</signatureName>
        <signatureDate>2025-10-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Michael D. Braner</signatureName>
        <signatureDate>2025-10-02</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Anil Shrivastava</signatureName>
        <signatureDate>2025-10-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
